Singapore Bank "Thanks to AI, Plans to Cut 4,000 Jobs... Regular Employees Not Affected"

Bank: "Impact on Contract Employees"
Over 800 AI Models Deployed
IMF: "AI Likely to Deepen Inequality"

Promotional photo of DBS Group. Provided by DBS

Singapore's largest bank has decided to cut 4,000 jobs over the next four years as the adoption of artificial intelligence (AI) expands. Most of the jobs to be reduced are non-regular positions.

According to the BBC on the 25th (local time), DBS Bank of Singapore expects that about 4,000 jobs will be cut over the next three years as AI increasingly replaces tasks performed by humans. The bank explained that this measure will affect temporary and contract employees, and the workforce reduction will proceed naturally after project completion. However, regular employees are not expected to be affected by the cuts.

DBS CEO Piyush Gupta said, "We expect about 1,000 new AI-related jobs to be created," adding, "Currently, we have deployed over 800 AI models. The economic value of these models is expected to exceed 1 billion Singapore dollars (approximately 1.07 trillion KRW)." He also stated last year that "DBS has been working on AI development for more than 10 years."

Meanwhile, the International Monetary Fund (IMF) also predicted in the same year that AI would impact about 40% of jobs worldwide. At that time, IMF Managing Director Kristalina Georgieva said, "AI is likely to deepen overall inequality." On the other hand, Andrew Bailey, Governor of the Bank of England, said in an interview with the BBC last year, "AI will not destroy jobs on a massive scale," and added, "Workers will learn how to work by utilizing new technologies. AI carries risks but also has great potential."